Solana Price Prediction: Is SOL Poised to Reverse its Uptrend as Meme Coins Fall?

Meme coins, an important segment of the Solana ecosystem, have been experiencing strong downturns lately following an unexpected rally in May.

Fartcoin (FARTCOIN), one of the best-performing meme coins last month, has gone down by nearly 15% in the past 24 hours while dogwifhat (WIF) has experienced a similar retreat of more than 9%.

These were tokens that doubled their price at some point in their past month but have now succumbed to a shift in market sentiment triggered by rising tensions between the White House and China.

Weekly trading volumes across Solana DEXs have dropped by 22% in the past 7 days according to data from DeFi Llama.

This would be the fourth consecutive week of decreasing trading volumes as traders may have been spooked by the latest downturns. In an over-leveraged market like this, even the smallest declines can blow up millions worth of long positions.

SOL Could Drop to $115 If Bullish Structure Falters

Solana’s daily chart shows that the $180 level acted as a strong ceiling for the price action two times in a relatively short period.

This formed a double-top pattern that has played out as expected lately, with a strong decline toward the token’s second-best higher high as the market scrambles to look for further liquidity to keep the rally going.

The token’s bullish structure is still holding up. However, a bearish breakout below this key level could ignite a strong downward movement toward the $115 – $120 area.

One strong sell signal has now popped up as the 9-day and 21-day exponential moving averages (EMAs) have crossed below the 200-day EMA. This ‘death cross’ spells trouble for the rally at a point when the macroeconomic backdrop seems quite unfavorable.

The last time this bearish crossover happened, the price went down by nearly 37% and hit its 2025 lows of $107 per token.

This ‘death cross’ is happening just a few days after a ‘golden cross’. If this recent bullish crossover trapped bulls, an upcoming drop could blow up a sizable amount of long positions that were placed after this previous buy signal.

Market Finds Strong Support at $150

Long crypto liquidations have normalized lately after spiking to nearly $800 million in a single day on May 29. However, with so many over-leveraged positions still open, institutions may take advantage of the recent decline to push the price of crypto assets lower to execute a liquidity sweep.

Heading to a lower time frame, we can see that SOL has formed strong support at the $150 – $152 level as the price has bounced off that area multiple times in the past few days.

Trading volumes once the price has touched that area have been quite high. This indicates that there could be some big order blocks around that level.

If the price bounces off this level again, a first target could be set at $160 for SOL. This coincides with the 200-period EMA of the hourly chart and it is also a key psychological threshold where a strong volume of sell orders could be standing.

For now, the token’s bullish structure seems to be holding up quite well. However, the American session has not yet opened. Once it does, it would be a good idea to see if the market tries to retest that support again.